Monthly Archives: December 2015

FBME Bank Limited’s Chairman, Ayoub-Farid M Saab, has written an urgent Open Letter to the President of the Republic of Cyprus, Nicos Anatasiades, outlining the serious consequences of the calamity initiated by the Central Bank of Cyprus (CBC). The latest actions by the CBC include an attempt not only to withdraw the FBME branch license in Cyprus but, ludicrously, in Tanzania too.

Since at least July 2014 and the onset of its assault against FBME Bank, the Central Bank of Cyprus (CBC) has led observers on a bewildering trail of logic-defying actions which have raised important questions about its credibility as a critical organ of government in a modern European state. For most of these past 17 months, the CBC has remained silent as to its motivations and has only lately started to concoct some form of justification for what has gone on, and this in the face of a losing international legal battle.

FBME Limited has announced that immediate legal action is being launched to contest the revocation by the Central Bank of Cyprus (CBC) of FBME Bank’s license for its branch in Cyprus and is challenging this Decision in front of Cyprus Courts.

Former Attorney General of the Republic of Cyprus, Alekos Markides has written an open letter to the President Nicos Anastasiades, warning him of the consequences of repeated mishandling of the FBME Bank case, plus arbitrary and illegal actions taken against the Bank by the Central Bank of Cyprus. The implications of these actions have exposed the Cyprus government and Cypriot taxpayers to huge claims for damages plus serious reputational damage.

To see a translation of the letter which Mr. Markides sent on behalf of the beneficial owners of FBME Bank, click here.

FBME Bank has strongly rejected the supposed evidence that the Central Bank of Cyprus (CBC) has claimed to have found of failings in its anti-money laundering (AML) and CTF procedures and will be looking for legal redress against the imposition of CBC’s proposed fine.